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PayPal Has Announced A New Consumer App For Cryptocurrency, Savings, And Direct Deposits

PayPal CEO Dan Schulman stated in July that the company’s super app was ready for a debut in the United States.

 

According to a press statement issued on Tuesday, the new PayPal app will give clients access to all of the company’s digital financial products.
The new programme supports both crypto and non-crypto use cases, and includes a wallet tab for managing Bitcoin payments as well as high return savings.

Indeed, PayPal established a partnership with online bank Synchrony Bank to offer a high-yield savings account through the new app.
The digital payments company claimed as part of the introduction that the new app could provide consumers with an annual percentage yield of up to 0.40 percent.

Customers will now be able to transfer gains from savings accounts to PayPal accounts for use in online purchases.
Among the additional benefits stated are bill payments, rewards and rebates, and direct transfers.

As a result of the latter capability, customers would supposedly be able to receive payments two days earlier.

PayPal has also announced that it plans to enhance the app’s functionality in the future months, including offline QR code payment and investing options.
PayPal announced in August that it was considering expanding into retail stock trading.

The new client app was announced just a few days after the company began offering cryptocurrency trading to users in the United Kingdom.
Schulman has previously predicted that digital payments will become increasingly more common, claiming that the time was ideal for bitcoin universal acceptance in December 2020.